CNBC U.S. crude oil broke above $87 a barrel on Friday as futures rallied on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of Middle East tensions since the start of the Israel-Hamas war last October. The West Texas Intermediate contract for May delivery gained $2.32, or 2.73%, to $87.34
Yahoo Finance HOUSTON – Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war. The talks in Cairo, also attended by the director
Oil Price Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia, by more than
Oil Price Surging U.S. oil production and shifting global oil flows amid geopolitical flare-ups have boosted American crude exports to record-high levels in recent months. Now U.S. oil is encroaching on the key markets of the OPEC+ group, which has been restricting supply in an effort to boost oil prices. From Europe to Asia, buyers are purchasing more U.S. crude
World Oil (Bloomberg) – Iraq again missed its OPEC+ oil production target in March, potentially setting itself up for added scrutiny as the alliance prepares to review the country’s plan for supply. OPEC’s second-biggest producer pumped 4.17 MMbpd last month, 30,000 bpd less than in February, according to a Bloomberg survey. While that’s Iraq’s lowest output level this year, it’s
Yahoo Finance LONDON – OPEC oil output fell last month, a Reuters survey found on Monday, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day (bpd) last month, down 50,000 bpd from
Oil Price The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector,
BOE Report Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world’s largest energy company urged a re-set of global energy transition plans in remarks
Oil Price BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday. In March 2023, BP and the national oil company of one of the leading Middle Eastern oil and gas producers, the United Arab Emirates (UAE), offered
Nasdaq LONDON/DUBAI – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters. Other oil companies, including Exxon MobilXOM.N and Occidental PetroleumOXY.N, plan to take advantage of emerging technologies to filter lithium from
World Oil (Bloomberg) – Global oil consumption is strong and the market looks relatively balanced this year as OPEC+ tries to stabilize prices, according to the Chief Executive Officer of Kuwait Petroleum Corp. The market is expected to tighten further as the year goes on, Sheikh Nawaf Al-Sabah, said in an interview. U.S. shale production has helped meet some of
Oil Price Following days of falling prices, U.S. benchmark crude oil prices are trading up 3% on Wednesday on sentiments of tight supply and signals from the Federal Reserve that we can still anticipate interest rate cuts in 2024. At 11:40 a.m. ET on Wednesday, West Texas Intermediate (WTI) was trading up 3.13% at $80.60, breaking the $80 threshold, while Brent crude
